Core Viewpoint - The article discusses the changing dynamics of wealth management in light of declining interest rates and increased market volatility, emphasizing the need for strategic asset allocation rather than mere trading [1][3]. Group 1: Investment Philosophy - The concept of "quality assets" is highlighted, defined by sustained demand and relatively limited supply, which applies to both traditional consumer goods and emerging sectors like AI and semiconductors [3]. - The importance of returning to the fundamentals of supply and demand and maintaining independent judgment is emphasized as a key strategy for navigating market cycles [3]. Group 2: Asset Management Strategies - The discussion includes the significance of asset allocation, advocating for a gradient strategy that starts with defensive assets before moving to more aggressive investments [5]. - The "pyramid accumulation strategy" is introduced, where investors gradually increase their positions in risk assets during market downturns, with specific thresholds for adding to positions to manage risk [6]. Group 3: Market Dynamics - The article contrasts the regulatory environments of A-shares and Hong Kong stocks, noting that Hong Kong's more accommodating regulations allow for greater innovation and the emergence of significant companies [7][8]. - The impact of anti-involution policies on industry development is discussed, particularly in the context of the photovoltaic industry, where government intervention is seen as necessary to alleviate competitive pressures [10].

Group 1 - The Hong Kong stock technology sector is currently experiencing a phase of recovery, supported by the central economic work conference's directives and the Hong Kong Monetary Authority's interest rate cuts following the Federal Reserve [1] - The technology sector is expected to maintain its leading role through 2026, with significant investment value in internet-weighted assets [1] - Active developments in AI and IP fields are noted, with OpenAI's release of GPT-5.2 enhancing the value chain from Q&A to delivery, and Disney's strategic partnership with OpenAI serving as a landmark example in the content industry of the AI era [1] Group 2 - The film industry is expected to maintain momentum with a rich lineup of key films for the New Year and Spring Festival, including major releases like "Avatar 3," which is likely to sustain industry interest [1] - Opportunities are emerging in the gaming sector during its adjustment period, with China's gaming export ecosystem gaining global recognition for quality [1] - Overall, the technology sector's growth logic remains clear in the medium to long term, driven by AI empowerment, content innovation, and improved policy environment [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-themed listed companies that are tradable through the Stock Connect [1] - The index includes 30 representative technology leading securities, selected through quantitative methods, covering core areas such as information technology and electronic components, while balancing hardware manufacturing and software services [1] - The index systematically reflects the overall performance of the entire technology industry chain in the Hong Kong stock market [1]

Core Viewpoint - The Hong Kong stock market is stabilizing and returning to a fluctuating upward trend, with the technology sector expected to further consolidate and recover as market sentiment improves [1] Group 1: Market Overview - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which includes core assets in sectors such as internet, semiconductors, innovative pharmaceuticals, and new energy vehicles, reflecting the diversified characteristics of the technology industry [1] - The Hong Kong Stock Connect Technology Index has a higher allocation in new energy vehicles, innovative pharmaceuticals, and semiconductors compared to the Hang Seng Technology Index [1] Group 2: Performance Metrics - From the base date at the end of 2014 to the end of October 2025, the cumulative return of the Hong Kong Stock Connect Technology Index is 256.46%, significantly outperforming the Hang Seng Technology Index, which has a return of 96.94%, by nearly 160% [1] - The Hong Kong Stock Connect Technology Index has consistently outperformed other indices, including the Hang Seng Technology Index, the Shanghai-Hong Kong-Shenzhen Internet Index, the Hang Seng Internet Technology Index, and the Hang Seng Healthcare Index [1]

Group 1 - The core viewpoint is that major companies are accelerating their computing power layout, maintaining a positive outlook on the technology sector's leading role, and valuing the allocation of internet heavyweight assets [1] - The Q3 earnings season for the internet sector has concluded without significant narrative changes, but there is optimism for individual stock EPS recovery, especially for those previously impacted by competition, and for AI-related valuation increases in the coming year [1] - The recommendation is to strategically invest in fundamentally strong internet giants that will benefit from AI catalysts, particularly as the gaming sector is currently valued at a mid-low level, presenting opportunities for valuation recovery driven by AI applications [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which covers core assets in sectors such as internet, innovative pharmaceuticals, and new energy vehicles, reflecting the diversified characteristics of the technology industry in the Hong Kong market [1] - The Hong Kong Stock Connect Technology Index has a higher allocation in new energy vehicles and innovative pharmaceuticals compared to the Hang Seng Technology Index, with a cumulative return of 256.46% from the base date at the end of 2014 to October 2025, outperforming the Hang Seng Technology Index by nearly 160% [1]

Group 1 - The core viewpoint is that major companies are accelerating their computing power layout, and there is a sustained optimism for the Hong Kong stock technology sector's leading role, particularly in the allocation value of internet heavyweight assets [1] - The Q3 earnings season for the internet sector has concluded without significant narrative changes, with expectations for individual stock EPS recovery, especially for those previously impacted by competition, and a long-term valuation uplift driven by AI options for next year [1] - The recommendation is to strategically invest in fundamentally sound Hong Kong technology assets that benefit from AI catalysts during market dips [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), covering core assets in sectors such as internet, innovative pharmaceuticals, and new energy vehicles, reflecting the diversified characteristics of the technology industry and overall performance of core technology companies in the Hong Kong market [1] - The Hong Kong Stock Connect Technology Index has a higher allocation in new energy vehicles and innovative pharmaceuticals compared to the Hang Seng Technology Index, with a cumulative return of 256.46% from the base date at the end of 2014 to October 2025, outperforming the Hang Seng Technology Index (96.94%) by nearly 160% [1]

Core Insights - The report from China Merchants Hong Kong indicates that marginal benefits for Hong Kong stocks are accumulating, with the technology sector and non-ferrous metals sector showing active trends [1] - Despite market consolidation, Hong Kong stocks have reached an upward turning point, with a focus on the development prospects of AI and other technology fields [1] - Overall, the technology sector in Hong Kong stocks is viewed as one of the important growth areas in the fourth quarter strategy [1] Sector Analysis - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which focuses on technology-themed companies that are tradable through the Hong Kong Stock Connect [1] - This index includes 30 constituent stocks, emphasizing high R&D investment and growth potential, with a focus on hardware manufacturing and electronic communication industries, while also covering software services and internet applications [1] - The index aims to comprehensively reflect the overall performance of the entire technology industry chain in the Hong Kong stock market [1]

Group 1 - The Hong Kong stock market continued its rebound, with the Hang Seng Index rising by 0.74% and the Hang Seng Tech Index increasing by 1.22% [1] - Notable gainers among constituent stocks included ASMPT, which rose nearly 6%, Bilibili-W, which increased over 5%, and Alibaba Health, which was up over 4% [1] - The Guotai Hong Kong Stock Connect Technology Index (987008.SZ) also saw a rise of 1.21%, with Bilibili-W and Xiaomi Group-W gaining over 5% and nearly 4% respectively [1] Group 2 - The Tianhong Hang Seng Tech ETF (520920) closely tracks the Hang Seng Tech Index and focuses on leading technology companies in Hong Kong [2] - The ETF can invest in high-quality tech companies not included in the Hong Kong Stock Connect, such as NetEase, JD.com, and Trip.com, through the QDII mechanism [2] - Guotai Haitong Securities anticipates a potential new high for the Hong Kong stock market in Q4, supported by improving fundamentals and continuous inflow of funds [2]

Core Insights - The technology sector is expected to continue leading the market, with internet heavyweight assets showing allocation value [1] - Major players are accelerating their computing power deployment, maintaining a long-term narrative in the AI industry, with marginal progress in AI inference and multi-modal AI [1] - Kimi has released the Kimi-k2 Thinking model, which supports multi-round tool invocation and a context length of 256k, indicating ongoing technological iteration [1] - The video generation sector is attracting capital, exemplified by the startup Video Rebirth securing $50 million in funding, focusing on high-fidelity video solutions for professional creative scenarios [1] - Despite short-term fluctuations, the technology sector presents structural opportunities driven by computing power upgrades and AI application implementations in the medium to long term [1] Index Overview - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects 30 eligible technology companies from the Hong Kong Stock Connect range [1] - The index comprises large-cap, high-growth technology leaders, emphasizing research and development capabilities and revenue growth, with a balanced industry distribution covering the entire value chain from hardware to software applications [1]

Core Viewpoint - The technology sector is expected to lead the market, driven by the overseas expansion of Sora2 and major companies accelerating their computing power investments. The AI industry remains highly prosperous, with rapid advancements in various application areas such as multimodal animation, browser integration, and programming [1] Group 1: AI Industry Insights - The AI industry is maintaining a high level of prosperity, with significant progress in application areas like multimodal animation, browser entry, and programming [1] - OpenAI has launched its first AI-native browser, Atlas, and Doubao Programming has undergone a major upgrade, indicating a successful business model in AI multimodal applications [1] - The long-term trend in the industry remains unchanged, with expectations for 2023 to be a year of explosive growth for China's open-source large models and a reshaping of application patterns [1] Group 2: Hong Kong Technology ETF - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-related companies listed in Hong Kong that can be traded through the Stock Connect [1] - This index includes 30 selected constituent stocks, emphasizing high-purity technology assets, which exhibit a high concentration of leading companies and industry representation [1] - The index aims to reflect the overall performance of technology sector securities in the Hong Kong market [1]

Core Viewpoint - The Hong Kong stock market has shown strong performance, with the Hang Seng Index surpassing 27,000 points, marking a three-and-a-half-year high, driven by several key factors including improved overseas liquidity and stable earnings expectations for tech stocks [1] Group 1: Market Performance - The Hang Seng Index has achieved a significant increase, ranking among the top global stock markets [1] - In September, southbound capital inflow into Hong Kong stocks reached 105.2 billion, with 30 billion and 16.8 billion flowing into tech and internet sectors via ETFs respectively [1] Group 2: Technology Indices Overview - Major Hong Kong tech indices include the Hang Seng Tech Index, Hang Seng Internet Tech Index, and Hong Kong Stock Connect Tech Index, all of which have seen growing fund sizes [2] - The Hang Seng Tech Index fund size grew from 8.587 billion in 2020 to 278.536 billion in 2025, while the Hong Kong Stock Connect Tech Index reached 43.270 billion since its inception in 2022 [2] Group 3: Stock Selection and Industry Distribution - The Hang Seng Tech and Hang Seng Internet Tech Indices can invest in all tech companies in the Hong Kong market, providing diversification, while the Hong Kong Stock Connect Tech Index is limited to designated stocks [3] - The Hang Seng Tech Index covers a wide range of industries, focusing on the AI supply chain, semiconductors, and new energy vehicles, while the Hong Kong Stock Connect Tech Index emphasizes consumer electronics and e-commerce [4] Group 4: Heavyweight Holdings and Market Style - The Hang Seng Tech Index has a balanced weight distribution across various tech sectors, while the Hong Kong Stock Connect Tech Index is concentrated in leading companies like Tencent and Xiaomi [5] - The Hang Seng Tech Index primarily consists of large-cap companies with market caps over 100 billion, whereas the Hang Seng Internet Tech Index leans towards mid and small-cap stocks [6] Group 5: Investment Opportunities - The current market environment presents a favorable window for investing in the Hong Kong tech sector, supported by improved expectations, low valuations, and capital inflows [8] - The three major indices have a price-to-earnings ratio around 20, below the 50th percentile of the past decade, indicating a valuation advantage compared to global tech indices [9]